I do not invest based only on other market participants, but...

I do not invest based only on other market participants, but acknowledge you can learn much from them. I would not invest without checking shorts. They must hold that position for a reason, albeit I may not agree.

Examples of shorts on Syrah (continuous need for capital) and Quintis which was exposed by short sellers. There are numerous other examples. In the case of Quintis, it appeared cheap but I sold out as the shorts were increasing.

Your seeking answers on the potential financial impact of the RC are prudent. A not insignificant issue here is platform costs. BT lowered its platform costs recently and others may need to follow suit (best interest duty). The only certainty thus far is margin pressure.

This company has been well managed for years, but avoiding lower margins will be challenging if your platform is the equivalent of others, but at higher cost.

There is already evidence that there has been a significant shift towards industry funds so flows will be interesting.